Liquidator
The liquidator is a representative of the shareholders. The liquidator is a person officially appointed to ‘liquidate’ a limited company or limited partnership. Their duty is to ascertain and settle the liabilities of the company. If there is any surplus, it is distributed to the contributories, a process sometimes referred to as winding-up or dissolution. When a company needs to cease operations for any reason, it is important to properly submit the closure of the business. To terminate the business, you must file the closure with the Department of Business Development and the Revenue Department. Closing a company is a complicated process that takes time and involves several complex steps.
Fee: ……. Baht/Month (minimum 12 months)
Timeline: It depends on the duration until liquidation is completed and the complication of the following case.
- Voluntary liquidation: the duration is approximately 3 months to 1 year.
- Compulsory liquidation: the duration may take from 1 to 3 year or more. It depends on complexity of the case.
Factors that the liquidator considers before providing services include the following:
- Accounting record that appears in the financial statements, such as creditors, various types of liabilities, particularly those related to taxes, and remaining assets.
- Estimated expenses until the completion of the liquidation process.
- Sufficient reserves for paying liabilities as mentioned in point 1 and for paying expenses as mentioned in point 2. These reserves may have varying levels of difficulty in terms of disbursement, and the person responsible for approval.
- Once the termination is agreed upon, the responsible party who can assist the liquidator.
- Once the termination is agreed upon, the registration office will contact and receive documents.
- Once the termination is agreed upon, the documents should be stored for review for at least 5 years, and the person responsible.
- Arrangements for a shareholder meeting to be held if the dissolution is not completed within 1 year.
Remark:
- We provide liquidator services, but only for legal matters. Organizing financial transactions is not included in this service offering.
- To make the liquidation process convenient and easy for the liquidator, we offer continuous services, including:
- Use the company’s registered address for convenience in contacting and sending documents.
- Accounting document storage service and storage of important company documents, ready for destruction after the 5-year period.
- Bank account services: Only for receiving and paying transactions of the company (Trust Account). This bank account will handle only receiving and paying transactions related to the company’s activities.
Factors that liquidator unable to serve include:
- Legal processes, lawsuits, disputes from creditors, or conflicts in the liquidation process.
For more information, please feel free to contact us:
Phones: +66 2 933 9000
Whats'app: +66 81 919 6225 (Mr. Tana Sipa)
Email: bkk@panwa.co.th